Incidence de l'endettement extérieur sur la croissance économique des différents groupes régionaux en Afrique subsaharienne
Arsène Aurélien Njamen Kengdo ()
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Arsène Aurélien Njamen Kengdo: Université de Dschang, Faculté des sciences économiques et de gestion
African Journal of Frontiers of Economics and Mathematics, 2016, issue 1, 20-44
This study aims to conduct a comparative analysis of the impact of foreign debt on economic growth in regional groups in sub-Saharan Africa. The Generalized Method of Moments methodology and the Heteroskedasticity to Identify and Estimate Mismeasured and Endogenous Regressor Models as suggested by Lewbel (2012) when the instruments appear invalid were used. Estimations were made using sample period from 1977 to 2012s. I find that debt has a positive and significant impact on growth in four zones (SADC, CAE, CEMAC and CEDEAO) with bearable thresholds which account respectively for 86.82%; 77.92%; 89.47% and 78.94% of GDP. In terms of recommendations, bilateral creditors and International Financial Institutions may be aware, while agreeing out new loans, that countries do not exceed their bearable threshold at least at regional level. It is also important to lay particular stress on risks which could compromise the efforts of sustainability already put in place (insecurity, embezzlements and corruption).
Keywords: External debt; Economic growth; Generalized Method of Moments; Lewbel's estimator (search for similar items in EconPapers)
JEL-codes: C23 H63 O19 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:lrq:journl:y:2016:i:1:p:20-44
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